XDEF vs. CMDT

Last updated Jun 24, 2026

XDEF (Xtrackers Europe Defense Technologies ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - XDEF is a Aerospace & Defense fund tracking the STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. At a correlation of -0.14, they often move in opposite directions. XDEF charges 0.35%/yr vs 0.65%/yr for CMDT.

Performance

XDEF vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Europe Defense Technologies ETF (XDEF) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XDEF

• 1D: -0.23%
• 1M: -2.40%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XDEF vs. CMDT - Yearly Performance Comparison

	2026 (YTD)
XDEF Xtrackers Europe Defense Technologies ETF	-99.17%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%

Correlation

The correlation between XDEF and CMDT is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 2, 2026	-0.14

Return for Risk

XDEF vs. CMDT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XDEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XDEF vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Europe Defense Technologies ETF (XDEF) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XDEF	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.71	—
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	1.93	—
Martin ratio: Return relative to average drawdown	—	9.62	—

Drawdowns

XDEF vs. CMDT - Drawdown Comparison

The maximum XDEF drawdown since its inception was -99.30%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for XDEF and CMDT.

Drawdown Indicators

	XDEF	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-99.30%	-11.11%	-88.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.11%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.11%	—
Current Drawdown Current decline from peak	-99.26%	-11.11%	-88.15%
Average Drawdown Average peak-to-trough decline	-73.02%	-2.77%	-70.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.25%	—

Volatility

Volatility by Period

	XDEF	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	148.20%	12.65%	+135.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	148.20%	12.24%	+135.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	148.20%	12.24%	+135.96%

XDEF vs. CMDT - Expense Ratio Comparison

XDEF has a 0.35% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

XDEF vs. CMDT - Dividend Comparison

XDEF's dividend yield for the trailing twelve months is around 1.52%, less than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%
XDEF Xtrackers Europe Defense Technologies ETF	1.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XDEF and CMDT in my portfolio?

XDEF and CMDT have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDEF or CMDT?

On fees, XDEF is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDEF or CMDT?

XDEF is cheaper with a 0.35% expense ratio, compared with 0.65% for CMDT.

Which ETF pays a higher dividend yield, XDEF or CMDT?

CMDT has the higher dividend yield at 2.67%, compared with 1.52% for XDEF.

What is the main difference between XDEF and CMDT?

XDEF is categorized as Aerospace & Defense, while CMDT is Commodities. XDEF tracks STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Xtrackers and PIMCO. Their fees differ too: 0.35% for XDEF and 0.65% for CMDT.